Malaysia eyes ASEAN’s electric vehicle hub crown
Hyundai Motor will open its first plant in Kedah state, Malaysia next year with an investment of $500 million, the Malaysian Government has announced.
At an EV manufacturing factory. Photo courtesy of Vietnam News Agency.
The deal was reached during Malaysian Prime Minister Anwar Ibrahim’s official visit to South Korea from November 24-26.
Welcoming the project, the Malaysian PM said he would ensure an attractive investment climate for automotive assembly, especially for EV models that will surely make Malaysia an automotive production hub for the ASEAN market.
Hyundai’s investment, spanning energy-efficient and electric vehicles, would help strengthen Malaysia’s automotive ecosystem, he added.
The Malaysian plant will be Hyundai’s second in Southeast Asia after it opened a factory in Indonesia in 2022, with an annual capacity of up to 250,000 units, including for its Kona Electric SUV model.
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